AM Best has revised the outlook rating to ‘Stable’ from ‘Negative’ for Trisura Group.
Trisura Group includes Trisura Specialty Insurance, Trisura Insurance and Bricktown Specialty Insurance, domiciled in Oklahoma; and Trisura Guarantee Insurance, based in Toronto.
According to the rating agency, the upgrade reflects improved enterprise risk management (ERM) practices, policies and procedures around Trisura’s risk management of US captive reinsurance contracts.
As a result, Trisura has successfully renewed all of its ongoing programs, reducing its overall captive exposure.
These effective changes are reflected in the company’s improving operating performance.
AM Best also affirmed the financial strength rating of ‘A-’ (Excellent) and the long-term issuer credit ratings of ‘a-’ (Excellent) of the operating entities of Trisura Insurance Group.
The credit ratings reflect Trisura’s overall balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
